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Total
industrial
production (IP) decreased 0.3% (0.0% expected)
in April for its fifth consecutive monthly loss. Manufacturing output was
unchanged in April after recording an upwardly revised gain of 0.3% in March.
In April, the index for mining moved down 0.8%, its fourth consecutive monthly
decrease; a sharp fall in oil and gas well drilling has more than accounted for
the overall decline in mining this year. The output of utilities fell 1.3% in
April. At 105.2% of its 2007 average, total IP in April was
1.9% above its year-earlier level. Wood Products and Paper output rose,
respectively, by 1.3% and 0.2%.
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Capacity
utilization (CU) for the industrial sector decreased 0.4 percentage point in April
to 78.2%, a rate that is 1.9 percentage points below its long-run (1972–2014)
average. Wood Products and Paper CU both bucked the larger trend by rising,
respectively, +0.9% (to 69.2%) and +0.4% (to 83.6%).
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Capacity
at the all-industries and manufacturing levels moved higher: +0.2% (to 134.5%
of 2007 output) and +0.1% (to 132.6%), respectively. Wood Products extended its
ongoing upward trend (since July 2013) when increasing by 0.3% (to 118.4%). Paper,
by contrast, contracted by 0.1% to another new low (98.5%). Paper capacity was
2.4% lower in April than a year earlier.
The foregoing comments represent the
general economic views and analysis of Delphi Advisors, and are provided solely
for the purpose of information, instruction and discourse. They do not
constitute a solicitation or recommendation regarding any investment.
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